Ssangyong Engineering May Fall Into Creditor’s Hands

By

Kanga Kong

Feb 27, 2013 8:46 pm KST

The company that built Singapore’s landmark Marina Bay Sands may fall into creditors’ hands again, for the second time in a decade.

Ssangyong Engineering & Construction Co., which posted a loss of almost $400 million last year and has tens of millions of debt due by March, said late Tuesday it hopes creditors will agree to restructure its debt under a workout program to prevent it from defaulting on its debt. The builder went through a debt restructuring in 1999 that ended by 2004 as the property market picked up.

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